Austin home sales rebounded dramatically in the month of March according to figures just released by the Austin Board of Realtors, up 27% over the same time period last year. The median home price remained stable year-to-year at approximately $180,000; this is widely regarded as good news for Austin’s real estate market, which has [...]
Commercial Foreclosures Up
Austin home sales rebounded dramatically in the month of March according to figures just released by the Austin Board of Realtors, up 27% over the same time period last year. The median home price remained stable year-to-year at approximately $180,000; this is widely regarded as good news for Austin’s real estate market, which has proven remarkably resilient during the recent housing industry downturn. While some of the increase in sales can be attributed to the extension of federal home buyer’s credits, Austin’s forward-thinking approach to development and green energy attracts a sizable number of buyers as well.
The Austin area real estate market has experienced three straight months of increased sales in 2010, providing further evidence that the housing crisis may be over in Austin and the surrounding areas. High demand has boosted confidence among investors and resulted in fewer days on the market for most homes; the average number of days on the market has fallen by 16% compared to March 2009. Condominiums and townhome properties have been among the most popular, which may indicate adoption of downsizing and a “living small” approach among new homebuyers. Another factor may be the increases in residential rental costs in the Austin area, which are among the highest in the nation in recent months.
The good news in the housing market is in sharp contrast to recent developments in the commercial real estate world. Austin and the Central Texas area have recently experienced a significant increase in commercial foreclosures, many of which have already been auctioned off or are expected to face the auction block soon. This increase in foreclosures has begun to drive down commercial real estate prices throughout the Austin area. So far the price reduction is not as drastic as that experienced in some other parts of the country; this is in part due to a major slowdown in construction of office buildings and other commercial projects over the last year. As demand continues to increase, the rental and lease rates for commercial properties are expected to rise accordingly throughout the rest of 2010.
Zilpy.com is not a rental listings site. It is a rental research site that allows users to grab automated rental price estimates by address, city or ZIP code, and to refine searches based on type of rental property, a desired rental range, number of bedrooms and a range of square feet. One of the founders referred to the site as “the Trulia for the rental market.”
As Texas is a non-disclosure state, I’ve never liked Zillow. People who think Realtors do nothing, but schmooze and collect paychecks love Zillow, because they feel it empowers them to do their own home sale. In reality, since non-disclosure states do not disclose all sales prices, Zillow often gives poor data because (1) it only has sparse data to give and (2) a computer program is never going to be able to select comparable sales as well as a human who can go and physically view the property and adjust subjectively. So basically, Zillow, while it may be fun, is completely unreliable here in Texas.
But what about Zilpy? It’s a terrible name, but I thought I’d check it out. I compared the data provided by Zilpy for three apartments and condos that I know the rental rate and occupancy for in Austin to gauge the usefulness and accuracy. It was remarkably accurate for all the places that I checked. Granted, the site doesn’t appear to delineate by class of dwelling, but the ranges it gives help make it seem more accurate.
If you have a rental, check it out and let me know what you think. I’d love to hear from you.
Excerpt from Inman News.
Zilpy, the new ‘Z’ site in online real estate
Web site offers rental price estimates
Thursday, February 07, 2008
Zilpy is like Zillow for rental properties, with rental price estimates, demographic data and heat maps based on median rental rates.
The new Web site, which launched last week and lists Zillow as a partner company, offers competition to Rentometer.com, another site that allows users to gauge rental prices in a selected area.
Zilpy.com is not a rental listings site. It is a rental research site that allows users to grab automated rental price estimates by address, city or ZIP code, and to refine searches based on type of rental property, a desired rental range, number of bedrooms and a range of square feet. One of the founders referred to the site as “the Trulia for the rental market.”
The heat maps show areas with higher and lower rental prices — red zones feature the highest median rental prices, while dark green shading indicates the lowest rental pricing.
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Screen shots from Zilpy.com
